AS-2
This query is : Resolved
05 September 2010
Hi
Sales were made in the month of March. But stock is not yet delivered to the customer. SO such stock can be included in valuation of closing stock as per AS-2 ?
Suppose if the stock is despatched in the month of April, then it amounts to be events occuring balance sheet date and accordingly adjust the financial statements???
Thanks...
Sales were made in the month of March. But stock is not yet delivered to the customer. SO such stock can be included in valuation of closing stock as per AS-2 ?
Suppose if the stock is despatched in the month of April, then it amounts to be events occuring balance sheet date and accordingly adjust the financial statements???
Thanks...
05 September 2010
In case the sales is booked, the inventory sold can be shown as goods in transit.
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CA Amit Joshi
(Expert)
05 September 2010
As per AS-9 you can recognise sales only if risk and rewards related to good transfer to the other party. If risk is transfered to the buyer in March than u can't include the good in your closing stock as per AS-2.
and if no risk is transfered than u have to can't record it as a sale and you have to record goods as closing stock.
and if no risk is transfered than u have to can't record it as a sale and you have to record goods as closing stock.
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